Quicken business ACH

ChemTec

We have one company that wants to pay us using ACH. We use the starter version now just to keep track of receivables and another program does our payments. If we upgrade to the home and business version and invoice them can we accept ACH payments?

ChemTec

Thanks everyone for your input. We will be upgrading to Quickbooks to accept bank transfers, right in the invoice.

Greg_the_Geek

Isn't your bank that accepts the ACH payments?

Ps56k2

ChemTec said:

We have one company that wants to pay us using ACH.  If we upgrade to the home and business version and invoice them can we accept ACH payments?

Quicken only sends/receives transactions to your bank accounts.
The ACH transaction is between your bank and your customers bank...
No different than ATM deposit, teller deposit, direct deposit.... ACH deposit.
You would then download the transaction from your bank, just like any other "deposit".

Scooterlam

Home and Business does not limit you as to how your customer pays you - check, WIRE, ACH.

From a Quicken Home and Business perspective, when you "receive a customer payment" into your customer invoice register, you can reference the customer's check number, ACH or Wire reference number.  See yellow highlights in image.  Or, in my case, I just used "ACH" or "WIRE" to reference the payment method. This particular customer has paid me by check, ACH and WIRE.   ACH, for me, is my preferred way of getting paid!

You can also make reference to what account that deposit was made (green highlight).  And, as @psk56k referenced, you can then download (or otherwise clear and reconcile) the customer deposit transaction from your bank.  

Ps56k2

Scooterlam said:

Home and Business does not limit you as to how your customer pays you - check, WIRE, ACH.

ACH, for me, is my preferred way of getting paid!

Just out of curiousity - how do you setup your bank checking account to receive ACH transfers, without giving the customer access to your checking account ?

Scooterlam

ps56k said:

Scooterlam said:

Home and Business does not limit you as to how your customer pays you - check, WIRE, ACH.

ACH, for me, is my preferred way of getting paid!

Just out of curiousity - how do you setup your bank checking account to receive ACH transfers, without giving the customer access to your checking account ?

You must give the customer your checking account number and routing number to get paid by ACH.  My only point was that common transfer schemes from the customer to you are not limited or dictated by Quicken H&B - the software.

Ps56k2

Scooterlam said:  You must give the customer your checking account number and routing number to get paid by ACH.  My only point was that common transfer schemes from the customer to you are not limited or dictated by Quicken H&B - the software.

Yeah...agreed -  "deposit" can come from anywhere, by any transport - was just curious about the ACH aspect, and what logistics you needed to setup, if anything, and what prevented the "customer" from withdrawing funds vs depositing funds, since ACH is a 2-way street....  

We have a "customer" that would like to pay electronically, but I'm concerned about sharing the whole Bank Number/Routing info and ACH - and what limits the transactions to be "receive only" vs "2-way street withdrawal" -

ChemTec

Thanks everyone for your input. We will be upgrading to Quickbooks to accept bank transfers, right in the invoice.